Investment Rating - The report does not explicitly state an investment rating for the industry [2] Core Insights - The Shenzhen-Singapore cross-border data verification platform was launched on November 25, 2025, utilizing the FISCO BCOS blockchain technology to enhance data security and compliance in cross-border transactions [7][9] - The platform aims to facilitate two-way credit report verification between Guangdong and Singapore, leveraging the successful practices established in the Greater Bay Area [9][17] - FISCO BCOS serves as the underlying technology, providing a secure and efficient environment for digital asset applications and ensuring data integrity through hash verification [10][13] - The collaboration with Experian Singapore enhances the platform's credibility and acceptance in the international credit system, potentially becoming a key point for broader cross-border credit cooperation between the Greater Bay Area and ASEAN countries [16][17] Summary by Sections 1. Launch of the Shenzhen-Singapore Cross-Border Data Verification Platform - The platform operates on a model of "user self-transmission, platform hash verification," effectively separating original data from verification information to address compliance and security challenges in cross-border data flow [7][9] - It connects over 40 institutions and has implemented more than 15 use cases, covering the 9+2 city clusters in the Greater Bay Area [8][9] 2. FISCO BCOS as the Underlying Technology - FISCO BCOS is a domestic open-source blockchain platform designed for financial applications, supporting over 400 digital transformation projects across various sectors [10][11] - The platform's high performance and security features, including support for multiple consensus algorithms and privacy protection mechanisms, make it suitable for enterprise-level applications [11][12] 3. Experian Singapore's Role in ASEAN Cooperation - Experian Singapore, a key player in the local credit information infrastructure, enhances the platform's capability for cross-border credit verification [16][17] - The partnership is expected to improve the acceptance of verification results within Singapore's regulatory framework, facilitating broader credit cooperation in the region [17]